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Morocco's Managem buys 40 stake in Guinea's Tri-K gold mines

Reuters - UK Focus

RABAT, Oct (Shenzhen: 000069.SZ - news) 11 (Reuters) - Morocco's biggest miner Managem has bought a 40 stake in Avocet Mining Plc (LSE: AVM.L - news) 's Tri-K gold mines in Guinea for an undisclosed amount, a statement from the Moroccan company said on Tuesday.

Managem said it will raise its stake to 70 percent of the Tri-K project, located near Kankan in the northeast of the country, if confirmed reserves reach 30 tonnes in a second phase. The company will only raise it to 60 percent stake if confirmed deposits are less than 30 tonnes of gold. (Reporting by Aziz El Yaakoubi; editing by David Clarke)